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Digitisation new 2

The JMMB Group believes that increased focus on digitisation, improved operational efficiency and inorganic growth are key imperatives to drive its profitability in Jamaica, the Dominican Republic and T&T over this financial year and beyond.

In a release, the head of the JMMB Group T&T, Ronald Carter underscored the thrust towards a digital approach, highlighting that the growth in the market share of JMMB Express Finance (TT), the consumer finance arm, has grown increased to 5 per cent within 2 years.

The company added that JMMB Express Finance (T&T) also began contributing to the profit of the financial Group—in addition to opening two additional branches over the last financial year.

Carter explained, “that approximately 40% of that subsidiary’s client base sought to access its offerings largely through online channels, even pre-COVID, and this continues to be an area of growth.”

The statement also highlighted that JMMB Group CEO Keith Duncan in his presentation during the Bank’s first virtual annual general meeting, he outlined that the company has been making strides in “digitizing its processes and information technology platforms” in a bid to make client financial partnership more seamless and accessible, noting that the COVID-19 pandemic has accelerated the company’s move to do so.

The JMMB Group reported that Duncan, while acknowledging that JMMB Group experienced some Information Technology (IT) challenges during its recent implementation of its bank standardization process in September, invited shareholders and clients to bear with the company, as it seeks to work to rectify the “teething pains,” and promised an improved client experience and added value for customers.

Duncan also pointed to the roll out of JMMB Group’s (initial public offer) IPO feature on the JMMB online platform, Moneyline, that has been facilitating greater participation of its clients in the Jamaican stock market and made the process seamless.

Duncan noted that in addition to enhancing the client experience, the digital transformation lays the foundation for improving the company’s operational efficiency.

In the statement JMMB noted that its Group’s banking operations, across the three territories in which it operates have also seen strong growth, outpacing the market, while maintaining a low non-performing loan portfolio.

The financial institution in its statement explained that as the countries in the region have been reopening their economies on a phased basis and the COVID-19 threat is better understood and managed, it is seeking to further pursue inorganic growth to bolster the organic growth it has experienced, over the last financial year.